San Miguel sells jumbo peso bond

Philippine investors gulp down the beer-maker's Ps39 billion bond, despite the gloom in international markets.

San Miguel Brewery raised a whopping Ps38.8 billion $800 million on Monday in a record-breaking peso-denominated bond sale that provides a neat demonstration of the liquidity still available in some domestic markets, even as the global financial crisis continues to suck liquidity out of international markets.

The deal was split into three tranches -- a three-year bond that pays a coupon of 8.25%, a five-year bond that pays 8.875% and a 10-year ...

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